Property Values to Rise
60 Day Window of Opportunity for Sellers!!!
Thanks to a recent Natural Disaster Notice issued by the IRS, local investors completing a 1031-Exchange were given an extension of time to complete their exchange, but that extension will expire October 15, 2023. By the October deadline investors who utilized the extension must both Identify, (find their new investment property) and Close Escrow, on that new “replacement” property.
So How Will That Impact Property Values?
As the October 15th deadline approaches, and with little multi-family inventory for sale on the open market, there will be a massive influx of 1031-Exchange funds (potentially as much as $3 Billion Dollars) all competing for, and chasing, what limited supply of available properties there are for purchase.
What does that mean to you?
Potentially nothing, unless you are one of those individuals that had hopes of selling your investment property, only to be disappointed by the recent decline in property values. Well here’s some good news for you! For the next 60 days, or maybe even longer (I discuss why this price increase may extend beyond October 15), there is an opportunity for you to sell your property for above market pricing.
Watch as I discuss the price phenomenon that the multi-family market may experience over the coming months.